Oman Oil Company (OOC) has signed a memorandum of understanding (MoU) with Mawarid Mining and Oman Mining Company to develop the Yanqul Copper Project in Oman
The project will be located in Al Dahira, 50km north of Ibri.
This is OOC's first mining venture in Oman and the company said it will invest in an equity stake of 41 per cent after a definitive feasibility study (DFS) is completed. Mawarid Mining meanwhile said it will invest in 49 per cent equity and the remaining will go to Oman Mining Company.
The Yanqul Copper Project is intended to support metal-based industrial projects in Oman, according to OOC.
The project will further support OOC's diversification strategy to boost long-term investment opportunities in the infrastructure, power and mining sectors, added the company.
Mawarid Mining, formerly known as the National Mining Company, was established in 1997 to primarily explore and develop mining opportunities within and outside Oman.
The state-owned Oman Mining Company has been evaluating the potential development of the Yanqul Copper Project.
